South Korea posts 2.6 % drop in per capita income in 2015

By Park Sae-jin Posted : March 25, 2016, 09:16 Updated : March 25, 2016, 09:16

[Courtesy of BOK]

South Korea's per capita income in 2015 fell 2.6 percent from a year ago, marking the first drop in six years, as last year's GDP growth stood at 2.6 percent, central bank data showed Friday.

Per capita gross national income (GNI) shrank to $27,340 last year from $28,071 a year earlier, the Bank of Korea said, attributing the drop mainly to a 7.4 percent drop in the won's value against the US dollar.

Won-based per capita GNI gained 4.6 percent on-year.

South Korea's GDP grew 2.6 percent on-year last year, compared with a 3.3 percent expansion in 2004, the bank said. It has projected this year's economic growth at three percent.

Finance minister Yoo Il-ho has painted a gloomy picture saying South Korea's economy has lost steam with production and consumption declining while exports show no sign of improving.

Key economic data showed manufacturing, consumer and trade conditions weakening this year. February's exports tumbled in their 14th consecutive month of declines, with the longest slump in the country's modern history.

The central bank kept interest rates on hold at a record low 1.5 percent in March.

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